US-based Nationwide has collaborated with Supernova Lending to provide enhanced wealth management lending solutions to firms and financial advisors.
Image: Nationwide to enhance its wealth management lending solutions through Supernova technology. Photo: courtesy of Loveluck / FreeDigitalPhotos.net.
Under the deal, Nationwide’s securities-backed line of credit lending product, Smart Credit, will be powered by Supernova technology.
Nationwide said that it is taking its Smart Credit product to the next level of automation through a partnership with Supernova.
As part of Nationwide’s deployment strategy, the advanced Smart Credit solution will be provided to major broker-dealers and Registered Investment Advisors (RIAs) to facilitate access to liquidity for a broader segment of their clients.
Nationwide said that the solution will also help enhance data and information for clients, financial advisors and their firms, as well as provide better risk monitoring service.
Nationwide Financial Securities Backed Lending VP Debra Griffin said: “Nationwide is committed to providing a robust securities-backed line of credit lending product offering to the financial advisor community.
“The move from manual to electronic transactions will be a differentiator for advisors looking to expand their overall client relationship servicing capabilities.”
Wealth management lending is an advanced tool that provides lower rates and better terms compared to other solutions, said Nationwide.
Once fully integrated, the enhanced Smart Credit origination process powered by Supernova will allow qualified clients to shift from origination to line access in minutes as opposed to days, as well as offer ongoing, real-time access to account and servicing information.
Supernova CEO Tao Huang said: “Wealth management lending has been traditionally a paper-based solution with limited information available to the client, advisor or partner firm.
“With the Nationwide solution powered by Supernova, clients, advisors and firms will have a better experience through automated origination, enhanced data, and information throughout the life of the loan.”
Based in Chicago, Supernova is a financial technology firm that developed the world’s first fully-customizable and end-to-end software solution to automate securities-backed lending from origination through the life of the loan.
Based in Columbus of Ohio, Nationwide provides a range of insurance and financial services products, including auto, business, homeowners, farm and life insurance. The company also offers public and private sector retirement plans, annuities and mutual funds.